The U.S. current-account deficit—a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)—decreased to $98.5 billion (preliminary) in the second quarter of 2014 from $102.1 billion (revised) in the first quarter. The deficit decreased to 2.3 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter. The decrease in the current-account deficit was largely due to a decrease in the deficit on secondary income. In addition, the surpluses on services ... (full story)